Asked by Molly
Claculate REAL GDP GROSS DOMESTIC PRODUCT for each year (2005=100)
Year p q p q
2005 $1 100 $2 50
2006 $2 150 $3 100
Year p q p q
2005 $1 100 $2 50
2006 $2 150 $3 100
Answers
Answered by
economyst
Take a shot, what do you think. Hint: GDP is the sum of P*Q for each good. Hint 2: as 2005 is the base year, use 2005 prices for 2006 productions